BOND BY SELLER OF A BUSINESS TO THE PURCHASER UNDERTAKING NOT TO CARRY ON THE SAID BUSINESS IN ANY MANNER WITHIN A SPECIFIED AREA DURING THE SPECIFIED PERIOD
KNOW ALL MEN by these presents:
That we, ____________ of ___________ as principal, and ____________ of ____________, as surety, are held and Firmly bound until ____________, of ____________ in the sum of Rs. ___________ (Rupees _______________), for the payment of which to the said well and truly to be made, we bind ourselves, our heirs, executors, and administrators, firmly by these presents.
WHEREAS, the above-bounden _________ has lately carried on the business of ___________ at __________;
AND WHEREAS, said ________ has sold said business to __________ in consideration of the sum of Rs. __________ (Rupees ______________), paid to him by said ___________, and has agreed that he will not, either alone, in partnership with any other person, or as principal officer for a corporation, carry on the said business of ________ within the distance of ________ from said place of business of __________, for a term of ______ years, from the date hereof, and that he will not, within said term, solicit the customer of said business either for himself or for any other person whomsoever; or, otherwise, that he will pay the sum of Rs. ________ (Rupees ________) to said ________ as liquidated damages.
The condition of this obligation is such that if said _________ should either alone, in partnership with any other person, or as principal officer of a company, carry on said trade or business of ___________, or any branch thereof, within the distance before-named in any direction from the said place of business at ________, at any time within the space of _______ years from the date hereof, or if the said obligor either by himself or by any other person, should at any time, within the said space of _______ years solicit the customer of said business to deal with himself or with such other person as he may be connected; or should induce or prevail upon, or attempt to induce or prevail upon any person to discontinue their dealings with said ________, then in either of said cases, if the said _________, his executors and administrator should forthwith pay to said _________, his executors, administrators, and assigns, the full sum of Rs. __________ without any deduction or abatement, this obligation shall be void and of no effect; otherwise it shall remain in full force and virtue.
[In Witness, etc.]
